The Morning Call--8/6/13

The Morning Call

8/6/13

The Market

           

    Technical

Yesterday, the Dow (15612) confirmed the break above the upper boundary of its short term trading range (14190-15550); hence it re-sets to an uptrend (14994-16000).  That moves it back in sync with the S&P (1609-1765).  Both remain within their intermediate term (14498-19498, 1540-2128) and long term uptrends (4918-17000, 715-1800).

            Investors that want to ride this pony might look at IYLD (multi asset ETF), SPHD (high yield S&P stock ETF) or for the really strong of heart the IWO (Russell 2000 growth ETF).  Which ever you may choose, put in very tight stops.  Our Portfolios are too scared to do anything.

    Fundamental

    

            Why are these value managers holding cash?

            http://www.thereformedbroker.com/2013/08/04/why-are-americas-great-value-managers-hoarding-cash/

            QE: the definition of insanity (short):

            http://pragcap.com/qe-the-definition-of-insanity

            All roads lead to the Fed (video):

            http://www.zerohedge.com/news/2013-08-05/santelli-rants-all-roads-lead-fed

      News on Stocks in Our Portfolios

 

Economics

   This Week’s Data

   Other

            Richard Fisher on the Fed’s Gordian Knot (medium):

            http://www.zerohedge.com/news/2013-08-05/dallas-feds-fisher-we-own-significant-slice-critical-markets-something-gordian-knot

Politics

  Domestic

  International War Against Radical Islam